Kontoor Brands (NYSE:KTB) Releases FY24 Earnings Guidance

Kontoor Brands (NYSE:KTB) issued an update on its FY24 earnings guidance on Thursday morning. The company provided earnings per share guidance of $4.83 from $4.80 for the period, compared to the consensus earnings per share estimate of $4.77. The company issued revenue guidance of $2.60 billion from $2.57 billion to $2.63 billion, compared to the consensus revenue estimate of $2.61 billion. Kontoor Brands also updated its FY 2024 guidance to 4.830-4.830 EPS.

Kontoor Brands Stock Down 4.6 %

Shares of Kontoor Brands stock traded down $3.98 during trading hours on Friday, reaching $81.65. 1,159,909 shares of the company were exchanged, compared to its average volume of 373,227. The firm has a market cap of $4.55 billion, a PE ratio of 18.39, a PEG ratio of 2.23 and a beta of 1.19. The stock’s fifty day moving average is $77.81 and its 200 day moving average is $71.46. Kontoor Brands has a 1 year low of $39.90 and a 1 year high of $89.76. The company has a debt-to-equity ratio of 2.09, a quick ratio of 1.43 and a current ratio of 2.50.

Kontoor Brands (NYSE:KTB) last released its earnings results on Thursday, October 31st. The company reported $1.37 earnings per share for the quarter, topping analysts’ consensus estimates of $1.25 by $0.12. Kontoor Brands had a net margin of 9.72% and a return on equity of 73.99%. The firm had revenue of $670.19 million for the quarter, compared to analyst estimates of $663.45 million. During the same period in the prior year, the firm earned $1.22 earnings per share. The business’s quarterly revenue was up 2.4% compared to the same quarter last year. As a group, equities research analysts forecast that Kontoor Brands will post 4.8 earnings per share for the current year.

Kontoor Brands Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, December 19th. Investors of record on Monday, December 9th will be paid a dividend of $0.52 per share. The ex-dividend date is Monday, December 9th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 2.55%. This is an increase from Kontoor Brands’s previous quarterly dividend of $0.50. Kontoor Brands’s payout ratio is presently 45.05%.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on KTB shares. Stifel Nicolaus downgraded Kontoor Brands from a “buy” rating to a “hold” rating and lifted their price target for the stock from $89.00 to $93.00 in a report on Friday. UBS Group boosted their target price on Kontoor Brands from $103.00 to $110.00 and gave the stock a “buy” rating in a research note on Friday. Wells Fargo & Company increased their price target on shares of Kontoor Brands from $80.00 to $90.00 and gave the company an “overweight” rating in a research note on Wednesday, October 23rd. Guggenheim boosted their price objective on shares of Kontoor Brands from $80.00 to $100.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Barclays upped their target price on shares of Kontoor Brands from $83.00 to $100.00 and gave the company an “overweight” rating in a report on Friday. Two analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. According to MarketBeat, Kontoor Brands presently has a consensus rating of “Moderate Buy” and an average target price of $95.00.

Kontoor Brands Company Profile

Kontoor Brands, Inc, a lifestyle apparel company, designs, produces, procures, markets, distributes, and licenses denim, apparel, footwear, and accessories, primarily under the Wrangler and Lee brands. The company operates through two segments: Wrangler and Lee. It licenses and sells apparel under the Rock & Republic brand name.